Sunrun and LG Chem Announce U.S. Partnership for Energy Storage

Published 9:00 AM ET Wed, 26 Oct 2016
Globe Newswire

SAN FRANCISCO, Oct. 26, 2016 (GLOBE NEWSWIRE) -- Sunrun Inc. (Nasdaq:RUN), the largest dedicated residential solar company in the United States, and LG Chem, a leading global manufacturer of advanced batteries, today announced a partnership to launch LG Chem’s energy storage technology in the U.S. residential solar market. Sunrun will offer LG Chem’s best-in-class lithium-ion RESU batteries through Sunrun BrightBoxTM solar generation plus energy storage systems. Sunrun BrightBox offers advanced energy services that save families money day and night on their electric bills and supports the development of a modern energy infrastructure for America.

Sunrun is committed to sourcing and integrating the highest quality technology to ensure customers have reliable, high-performing home energy services. LG Chem’s lithium-ion batteries have a track record of performance success in the electric vehicle market and offer durability at an affordable price point. LG Chem is the world’s largest automotive battery supplier, counting 16 of the top 29 global automakers as partners. The Sunrun/LG Chem partnership expands the application of LG Chem’s energy storage technology to the consumer residential market allowing more families access to clean, affordable energy.

“The energy storage market is advancing at a breakneck pace. At Sunrun, we are enabling a home energy management service that integrates rooftop solar generation with onsite energy storage to offer greater energy choice and savings to our customers while helping to modernize the grid,” said Chief Marketing Officer Michael Grasso. “We’re thrilled to offer LG Chem’s best-in-class battery technology to homeowners. The partnership with LG Chem supports our financing advantage, enabling our customers to install solar plus energy storage for little to no money down.”

“Sunrun understands the importance of giving consumers control of their energy by integrating storage with solar. Therefore Sunrun is the right partner for the launch of our residential energy storage product, the new RESU - a winner of ees Award at Intersolar Europe this year - into the North American market. With Sunrun BrightBox, Sunrun’s at the forefront of solar plus energy storage innovation,” said Wonjoon Suh, Global Marketing Department Leader of ESS Battery Division, LG Chem. “We share Sunrun’s commitment to innovation and delivering quality solutions to customers. We look forward to bringing our advanced battery technology to the growing North American residential solar market.”

Sunrun BrightBox combines solar generation with energy storage giving consumers new ways to manage their energy. In Hawaii Sunrun BrightBox is giving consumers the ability to self-supply their own energy day and night. In the future Sunrun BrightBox will allow consumers with time-of-use tariffs to time shift when they use solar energy to minimize paying peak rate energy prices. BrightBox will also allow customers the ability to have access to power when grid power isn’t available. Sunrun and their installation partners take care of everything from permitting to installation so customers can go solar hassle-free. BrightBox is currently available in Hawaii to customers as an affordable monthly or prepaid lease for little to no money down or as a direct cash or loan purchase. All customers need to think about is how much money they’ll be saving. More states will be announced in the coming months.

Sunrun will also make LG Chem’s battery solution available to the entire solar energy industry through its subsidiary AEE Solar, the leading nationwide distributor of solar products.

For more information about Sunrun BrightBox, visit Sunrun’s plans and services page here.

About Sunrun Sunrun (Nasdaq:RUN) is the largest dedicated residential solar company in the United States with a mission to create a planet run by the sun. Since establishing the solar as a service model in 2007, Sunrun continues to lead the industry in providing clean energy to homeowners with little to no upfront cost and at a savings to traditional electricity. The company designs, installs, finances, insures, monitors and maintains the solar panels on a homeowner's roof, while families receive predictable pricing for 20 years or more. For more information please visit: www.sunrun.com.

About LG ChemLG Chem, Ltd. is Korea’s largest diversified chemical company which operates three main business units: Petrochemicals, IT & Electronic Materials and Energy Solution. The chemical business manufactures a wide range of products, from petrochemical goods to high-value added plastics. It also extends its chemical expertise into high-tech areas such as electronic materials and rechargeable batteries field. Based on the many years of experience in the development and production of batteries, LG Chem is one of the world's leaders in energy storage systems. As such, the company is a primary supplier for the mobile and automotive industry around the world. Entering the business of ESS in 2010, LG Chem has constantly developed and supplied innovative solutions for the ESS market segments such as Grid, Residential and UPS. Throughout multiple production facilities and an extensive distribution network globally, LG Chem has become a global leading company.

Forward Looking StatementsThis press release contains forward-looking statements including, but not limited to, statements regarding expansion, customer savings, future potential for a specific market and demand for and availability of our products and services. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in Sunrun's annual report on Form 10-K, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.